Bonds bid in very quiet overnight trading, long-end leads way higher

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•The tactical bias is defensive, looking for strength-selling opportunities into next week’s supply.
•Look for a range of 1.55%-to-1.48% in 10s.
•The strategic bias is short a 50% position in 10s at 1.50% looking to cover at 1.54% and then look to get long on a further backup.
•The curve bias will look to entered a 5s/7s steepener at 37 bps looking to unwind at 40 bps or in next week’s 7-year auction.

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